Employees working at least 20 hours per week, or 50% of full time, in a benefit-eligible position may participate in the university 403(b) tax-sheltered annuity retirement plan after completion of a two-year waiting period. The waiting period is waived if a new hire has two years of work history at a Church of God Agency or institution of higher education, or has a fully vested retirement plan from any other employer. Enrollment and contributions may commence at the beginning of any pay period after eligible.
An employee electing to make a pre-tax contribution of at least 3% of base salary will receive a university contribution of 5%. Eligible employees electing to contribute 2% or less will receive a 2% of base salary university contribution. All contributions are placed in employee-owned contracts and are fully vested from the initial contribution.
Below are two documents regarding retirement from Anderson University:
- The AU Defined Contribution Retirement Plan Summary [PDF] document gives a summary of the benefits available for Anderson University Retirement Plan participants, and
- The Retirement Plan Contribution Agreement [PDF] is an agreement form that needs to be completed by retirement plan participants, outlining the contribution amount and plan choice.